Group 1: Brookfield Infrastructure Corporation - Brookfield Infrastructure is a major player in the infrastructure sector, owning extensive assets including 25,600 kilometers of pipelines, 2,900 kilometers of power transmission lines, 140 data centers, and 54,000 kilometers of fiber optics [3][4] - The company is focused on growth areas such as 5G towers and data centers, with over 60% of its funds from operations (FFO) expected to grow alongside increasing global data demand [4] - Brookfield Infrastructure anticipates an annual dividend payout increase of 5% to 9%, supported by a 29% year-over-year increase in FFO from its data segment and a 50% increase from its transport segment [5][6] - The current dividend yield stands at 3.8%, with an annualized dividend of $1.62 per share, and FFO for the full year 2024 is projected to reach $3.10 per share [6][7] Group 2: W.P. Carey - W.P. Carey is a real estate investment trust (REIT) that offers a high dividend yield of 6.4%, with potential for further increases in the future [8] - The REIT generates predictable cash flows through net leases, which transfer variable ownership costs to tenants, making it attractive to income-seeking investors [9] - Following a recent spinoff of its office building segment, W.P. Carey has a strong cash position and has made $1.6 billion in new investments in 2024 [11] - The company raised its dividend payout four times in 2024 to an annualized $3.52 per share, with adjusted FFO expected to be between $4.65 and $4.71 per share [12]

Financial Performance - Brookfield Infrastructure reported net income of $8 million for Q2 2024, a significant decrease from $378 million in Q2 2023[2]. - For the three months ended June 30, 2024, Brookfield Infrastructure Partners reported revenues of $5,138 million, an increase from $4,256 million in the same period of 2023, representing a growth of 20.6%[27]. - The net income attributable to the partnership for the three months ended June 30, 2024, was $8 million, a significant decrease from $378 million in the same period of 2023, reflecting a decline of 97.9%[27]. - Brookfield Infrastructure Corporation reported net income of $643 million for Q2 2024, a significant improvement from a net loss of $154 million in the same period last year[37]. - Revenues for Brookfield Infrastructure Corporation reached $908 million in Q2 2024, compared to $538 million in Q2 2023, reflecting a substantial increase in operational performance[40]. Funds from Operations (FFO) - Funds from operations (FFO) for Q2 2024 reached $608 million, representing a 10% increase compared to $552 million in Q2 2023[3]. - The transport segment generated FFO of $319 million, a 60% increase year-over-year, driven by acquisitions and organic growth of 9%[6]. - The utilities segment's FFO decreased to $180 million from $224 million in the same period last year, primarily due to capital recycling activities[4]. - The data segment's FFO increased by 8% to $78 million, reflecting contributions from recent acquisitions despite the loss of income from a previous sale[8]. - Brookfield Infrastructure Partners L.P. reported consolidated funds from operations (FFO) of $1,416 million, up from $1,113 million year-over-year[30]. - FFO per unit for Q2 2024 was $0.77, an increase from $0.72 in Q2 2023, with an average of 461.5 million limited partnership units outstanding[32]. Acquisitions and Growth Projects - Brookfield Infrastructure secured or completed seven follow-on acquisitions in 2024, totaling nearly $4 billion in enterprise value[9]. - The company has a backlog of organic growth projects valued at $7.7 billion, a 15% increase from the previous year[10]. - Brookfield Infrastructure expects the second half of 2024 to be active for M&A, driven by improved market conditions and interest rates[11]. Cash Flow and Capital Management - Cash from operating activities for the three months ended June 30, 2024, was $1,057 million, up from $970 million in the same period of 2023, marking an increase of 9.0%[28]. - Cash used in investing activities for the three months ended June 30, 2024, was $(1,187) million, compared to cash generated of $760 million in the same period of 2023[29]. - The company monetized assets totaling approximately $210 million this quarter, bringing total capital recycling for the year to $1.4 billion[12]. - The company declared a quarterly distribution of $0.405 per unit, representing a 6% increase compared to the prior year[13]. Assets and Borrowings - Total assets as of June 30, 2024, were $100,892 million, a slight increase from $100,784 million as of December 31, 2023, reflecting a growth of 0.1%[26]. - Corporate borrowings increased to $5,084 million as of June 30, 2024, compared to $4,911 million as of December 31, 2023, representing an increase of 3.5%[26]. - Non-recourse borrowings rose to $44,675 million as of June 30, 2024, up from $40,904 million as of December 31, 2023, indicating an increase of 9.0%[26]. - Total assets for Brookfield Infrastructure Corporation as of June 30, 2024, were $23,657 million, a slight decrease from $23,909 million at the end of 2023[39]. - Non-recourse borrowings increased to $13,088 million as of June 30, 2024, compared to $12,028 million at the end of 2023[39]. Earnings from Associates and Joint Ventures - The share of earnings from associates and joint ventures for the three months ended June 30, 2024, was $95 million, down from $273 million in the same period of 2023, a decrease of 65.2%[27]. - The share of earnings from investments in associates was reported as $0 for Q2 2024, down from $3 million in Q2 2023[40]. Other Financial Metrics - The average number of limited partnership units outstanding for the three months ended June 30, 2024, was 461.5 million, compared to 458.7 million in the same period of 2023, indicating a slight increase of 0.6%[25]. - The cash balance at the end of the period was $466 million, an increase from $356 million at the end of the same period in 2023[42]. - The company reported a change in non-cash working capital of $136 million for the three months ended June 30, 2024, compared to $65 million in the prior year[42]. - Depreciation and amortization expense for the three months ended June 30, 2024, was $191 million, compared to $57 million in the same period of 2023[42]. - The impact of foreign exchange on cash was a negative $34 million for the three months ended June 30, 2024[42].

Core Viewpoint - Companies with strong histories of dividend growth are positioned to provide investors with a reliable stream of income and potential for capital appreciation, outperforming non-dividend payers historically [1][2]. Group 1: Brookfield Infrastructure - Brookfield Infrastructure has demonstrated a solid dividend growth track record, with a 9% compound annual growth rate over the past 15 years and a current yield of nearly 4% [3][5]. - The company aims to continue its dividend growth at an annual rate of 5% to 9%, supported by a robust growth profile with expected funds from operations (FFO) per share growth of over 10% annually [4][5]. - Currently trading at approximately 14.1 times its FFO, Brookfield Infrastructure is below its historical average, presenting an attractive value proposition for investors [5]. Group 2: NextEra Energy - NextEra Energy is recognized for its elite dividend growth, having increased its payout for 30 consecutive years, with a historical growth rate of around 10% annually over the last 20 years [6][7]. - The company maintains a low dividend-payout ratio of 59%, which supports its expectation of a 10% annual increase in dividends through at least 2026 [7][8]. - NextEra Energy benefits from operating the largest electric utility in Florida and is heavily investing in renewable energy, positioning itself for continued growth [8]. Group 3: Prologis - Prologis has achieved above-average dividend growth, with a 13% compound annual growth rate over the last five years, significantly outpacing the S&P 500 and other REITs [9][10]. - The company anticipates continued dividend increases driven by strong demand for warehouse space, high occupancy levels, and rental rate growth, projecting high single-digit annual same-store income growth through 2026 [10]. - Prologis also expects to grow its core FFO per share by 9% to 11% annually, with additional growth potential from accretive acquisitions [10]. Group 4: Overall Investment Opportunity - Brookfield Infrastructure, NextEra Energy, and Prologis are all characterized by attractive dividends and strong growth prospects, making them compelling investment choices for generating above-average total returns [11].

Financial Data and Key Metrics Changes - For Q2 2024, Brookfield Infrastructure generated funds from operations (FFO) of $608 million, a 10% increase compared to the same period last year [3] - The utilities segment reported FFO of $180 million, down from $224 million year-over-year, primarily due to capital recycling activities [4] - The transport segment saw FFO rise to $319 million, a 60% increase year-over-year, driven by acquisitions and tariff increases [5] - The midstream segment generated FFO of $143 million, benefiting from strong demand and customer activity [6] - The data segment reported FFO of $78 million, reflecting an 8% increase year-over-year due to contributions from recent acquisitions [7] Business Line Data and Key Metrics Changes - Utilities segment FFO decreased due to capital recycling and increased interest costs, although organic growth was noted from inflation indexation and new capital [4] - Transport segment FFO increased significantly due to the acquisition of a global intermodal logistics operation and strong performance in Brazilian rail operations [5] - Midstream segment FFO growth was attributed to high demand in North American gas storage and new commercial agreements [6] - Data segment growth was driven by acquisitions and strong leasing activity in data centers [7] Market Data and Key Metrics Changes - The company noted a favorable market environment for capital markets, completing approximately $5 billion in non-recourse financings [8][9] - The company has a strong balance sheet with only 1% of asset-level debt maturing in the next 12 months and no corporate maturities until 2027 [10] Company Strategy and Development Direction - The company is focusing on tuck-in and organic growth opportunities due to a slower start in public and private infrastructure deal flow [11] - A significant acquisition pipeline exists, with seven follow-on acquisitions completed in 2024, totaling nearly $4 billion in enterprise value [12] - The company is investing over $1 billion in growth capital for data centers and expanding its midstream operations [13] - The company is well-positioned to capitalize on trends in digitalization and decarbonization, particularly in AI infrastructure [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the back half of 2024 for M&A activity, driven by improved interest rates and industry tailwinds [13] - The company is actively pursuing capital recycling, with expectations to generate approximately $2.5 billion from asset sales [14] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [17] Other Important Information - The company has a project backlog that has increased by 15% year-over-year to approximately $7.7 billion [12] - The company is engaged in discussions with technology companies to leverage its infrastructure for AI and other applications [16] Q&A Session Summary Question: Opportunities tied to AI across data, utility, and midstream - Management discussed the ecosystem around AI infrastructure, including data centers and power transmission [18][19] Question: Capital appetite for AI-related opportunities - Management indicated a strong appetite for capital deployment, potentially sourcing tens of billions for AI-related transactions [21][22] Question: M&A market heating up and asset sale proceeds - Management confirmed intentions to redeploy asset sale proceeds into higher-earning investments [30][31] Question: Midstream sector M&A activity - Management acknowledged the midstream sector's attractiveness and potential for new investments [35] Question: Update on data center development pipeline - Management provided insights into ongoing construction activities across various global locations [37][38]

Core Viewpoint - Income-focused investors still have solid options for dividend investments despite the S&P 500 rallying, with Schwab U.S. Dividend Equity ETF, Brookfield Infrastructure, and Clearway Energy identified as attractive choices [2]. Group 1: Schwab U.S. Dividend Equity ETF - The S&P 500 index currently yields approximately 1.3%, while Schwab U.S. Dividend Equity ETF offers a yield of around 3.4%, more than double that of the S&P 500 [3][5]. - The ETF provides a high-quality list of vetted dividend stocks with regular updates, making it a simple investment option [4][12]. - The ETF has a low expense ratio of 0.06% and a diversified portfolio across various sectors, including financials (17%), healthcare (15%), and consumer staples (13%) [13]. Group 2: Brookfield Infrastructure - Brookfield Infrastructure's share price has decreased nearly 30% over the past year, despite a 25% rally in the S&P 500, resulting in a dividend yield close to 6% [6]. - The company anticipates growing its funds from operations (FFO) by over 10% this year, projecting at least $3.25 per share of FFO [7][14]. - Brookfield has a low valuation, trading at about 10.5 times its forward earnings, which is roughly a 50% discount compared to the S&P 500's forward P/E ratio of 21.7 [7]. - The company has increased its dividend for 15 consecutive years and expects to raise it by 5% to 9% annually, aligning with its organic growth rate target [8][15]. Group 3: Clearway Energy - Clearway Energy offers a dividend yield of 6.7% and is down about 16% over the past year, despite being in a high-potential industry [9]. - The company targets annual dividend growth of 5% to 8% through 2026, expecting to achieve the upper range of its guidance without external capital [10]. - Clearway Energy is well-positioned in the renewable energy sector, generating stable cash flows from long-term contracts, which supports its dividend growth [16][17].

Financial Data and Key Metrics Changes - The company generated funds from operations (FFO) of $615 million, representing an 11% increase over the prior year period, driven by 7% organic growth and contributions from over $2 billion of capital deployed in the previous year [36][28][41] - FFO from the Transport segment was $302 million, a 57% increase year-over-year, largely due to the acquisition of Triton and increased global demand for containers [39][40] - The Midstream segment generated FFO of $170 million, comparable to the prior year after excluding capital recycling impacts, with a compound annual growth rate of over 20% in the past five years [41][42] Business Line Data and Key Metrics Changes - Utilities generated FFO of $190 million, down from $208 million in the same period last year, primarily due to capital recycling initiatives [37] - The Data segment's FFO was $68 million, comparable to the same period last year, benefiting from acquisitions offset by the sale of a New Zealand business [24] - The Transport segment's fleet utilization increased to over 98%, securing attractive rates on long-duration leases [40][39] Market Data and Key Metrics Changes - The balance of transport operations grew by 10%, driven by inflationary tariff increases and higher volumes, with rail networks and toll roads realizing average rate increases of 9% and 7% respectively [23] - Traffic levels on roads increased by 4%, and diversified terminals recorded 7% higher volumes [23] Company Strategy and Development Direction - The company is focused on capital recycling, having secured $1.2 billion in proceeds, with a target of $2 billion annually [28] - The investment pipeline remains full, with a focus on high-risk adjusted returns, particularly in the data and decarbonization sectors [31][75] - The company is pursuing both organic growth and M&A opportunities, with a significant portion of new investments related to data and decarbonization trends [75][77] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions have improved, with increased M&A activity expected [28] - The long-term outlook for the global economy remains positive, despite potential volatility in the near term due to interest rate fluctuations and geopolitical issues [50][51] - The company believes its strong business performance and strategic outlook outweigh near-term interest rate concerns [53][54] Other Important Information - The company has a strong financial position, with over 90% of its capital structure fixed rate and an average term of seven years [48] - The company expects less than $600 million of asset-level maturities in 2024 to have higher borrowing costs than current levels [48] Q&A Session Summary Question: Can you provide specifics on Triton's performance and its ongoing expectations? - Triton is performing well above expectations, with fleet utilization over 98% and attractive rates on long-duration leases [40][39] Question: What is the outlook for the M&A market and asset monetization? - The company is being selective in M&A, focusing on opportunities with high returns, and may accelerate asset monetizations to cushion capital [88][102] Question: How is the company leveraging decarbonization and digitalization trends? - Approximately 30% of current FFO is from decarbonization and data sectors, with 80% of capital projects focused on these areas [77][75]

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $900 billion of assets under management. For more information, go to https://brookfield.com. Market conditions have continued to improve during 2024. Activity levels for M&A processes have increased, and as a result, the environment for transacting should be more balanced this year as compared to the prior year. We have made significant progress on our capital ...

Many have called data the new oil. The digital economy runs on data. Information is crucial to digital technology, especially artificial intelligence (AI) applications. And that means the world needs more infrastructure to support the movement and processing of data."We're in a once-in-a-generation investment cycle for data centers at the moment," stated Felix Chan, a speaker at Brookfield Infrastructure's (BIPC -0.78%) (BIP -1.24%) annual investor day last year. Chan noted that companies need to invest ove ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ☒ ACT OF 1934 for the fiscal year ended December 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 Commiss ...

Investing a little money in dividend-paying stocks can really add up over time. The best ones can supply you with a steadily growing income stream and solid price appreciation. Further, because most brokers don't charge commission, you can easily buy a share or two whenever you have cash to spare.Enbridge (ENB 0.39%) and Brookfield Infrastructure (BIPC 1.55%) (BIP 0.76%) are no-brainer buys for those with less than $200 to invest right now. Here's why they could turn that relatively small sum into a much bi ...